Statement on AIFMD Passporting Regime (2017-10-17)

Summary

This informational notice, issued by CIMA in October 2017 but referencing events from 2014-2015, updates the industry on the status of discussions around the EU's Alternative Investment Fund Managers Directive (AIFMD) passporting regime for non-EU funds. It does not announce any final ESMA decision, rule change, or new requirement, and is essentially a status update combined with an appeal to industry not to credit unfounded rumours about country listings under the passporting regime.

• ESMA consideration: ESMA was considering whether to extend a marketing passport to non-EU AIFMs and non-EU AIFs, including Cayman Islands funds.
• CIMA engagement with ESMA: CIMA's senior officials met with ESMA in Paris and responded to ESMA's call for evidence on the issue.
• Proposed AIFMD Fund category: CIMA's Board approved an internal task force to explore creating a new 'AIFMD Fund' category with an opt-in regime for funds wishing to market in the EU/EEA.
• Coordination with government: CIMA was working with the Ministry of Financial Services on this proposal.

Applies to

Cayman Islands funds, fund managers marketing non-EU AIFs in the EU